Grant

April 19 - 23, 2021

EDA announced 12 investments from April 19-23, 2021, totaling $10,310,000, which is matched by $2,825,000 in local investments. These investments include the following: (1) $9,400,000 in six Economic Adjustment Assistance-COVID-19 Recovery and Resiliency Projects to help alleviate sudden and severe economic dislocation caused by the coronavirus pandemic that will help create 1,169 jobs, save 4,338 jobs, and leverage $79,500,000 in private investments; (2) $70,000 in two Local Technical Assistance projects to strengthen the capacity of local or state organizations and institutions to undertake and promote effective economic development programs; and (3) $840,000 in four Partnership Planning projects to support the development and implementation of the Comprehensive Economic Development Strategy process.

  • $9,400,000 in six Economic Adjustment Assistance-COVID-19 Recovery and Resiliency Projects, matched by $1,975,000 in local investments, as follows:
    • $2,500,000, matched by $250,000 in local investment, to the Grant County Gila Regional Medical Center, Silver City/Grant Count, New Mexico, to fund building renovations and HVAC improvements to the Grant County Gila Regional Medical Center in Grant County, New Mexico. The project will include replacing roofs A, F, and H, which includes a small storage and the replacement of 12 HVAC systems. Once completed, the project will assist the region with recovery efforts from the COVID-19 pandemic, create and retain jobs, spur private investment, and advance economic resiliency throughout the region The grantee estimates that this investment will help save 344 jobs and leverage $62,000,000 in private investment.
    • $2,000,000, matched by $500,000 in local investment, to the Brownsville Community Improvement Corporation, Brownsville/Cameron County, Texas, to capitalize a $2,250,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: Cameron County, Texas. The project will also provide $250,000 to defray the cost of administering the RLF. Once implemented, the project will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment. The grantee estimates that this investment will help create 1,000 jobs and save 2,500 jobs.
    • $2,000,000, matched by $500,000 in local investment, to PeopleFund, Austin/Travis County, Texas, to capitalize a $2,250,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: Atascosa, Bastrop, Blanco, Burnet, Comal, Dimmitt, Frio, Guadalupe, Hardin, Hays, Jasper, Jefferson, Karnes, Kendall, Kinney, Llano, La Salle, Maverick, Medina, McMullen, Newton, Orange, Polk, San Jacinto, Travis, Trinity, Tyler, Uvalde, Val Verde, Williamson, Wilson, and Zavala Counties in Texas. This RLF will also provide $250,000 to defray the cost of administering the RLF. Once implemented, the project will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region. The grantee estimates that this investment will help create 100 jobs and save 200 jobs.
    • $1,500,000, matched by $375,000 in local investment, to the Monahans Economic Development Corporation, Monahans/Ward County, Texas, to support the Monahans Economic Development Corporation with providing a fiber-based communications network to replace the existing infrastructure currently serving Monahans in Ward County, Texas, a designated Opportunity Zone. The project will provide high-speed internet services via fiber to areas of industrial and commercial development in the City of Monahans in the Texas Permian Basin. Once completed, the project will assist the region with recovery efforts from the COVID-19 pandemic by enhancing access to broadband services, which will help retain jobs, support business creation and expansion, and advance economic resiliency throughout the region. The grantee estimates that this investment will help save 1,200 jobs.
    • $1,000,000, matched by $250,000 in local investment, to the LiftFund Inc., San Antonio/Bexar County, Texas (Applicant: Dona Ana County, New Mexico), to capitalize a $1,125,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: Doña Ana, Sierra and Socorro Counties in New Mexico. The RLF will also provide $125,000 to defray the cost of administering the RLF. Once implemented, the project will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region. The grantee estimates that this investment will help create 61 jobs, save 74 jobs, and leverage $17,500,000 in private investment.
    • $400,000, matched by $100,000 in local investment, to the City of Tacoma, Tacoma/Pierce County, Washington, to support the City of Tacoma with offering culturally relevant (e.g., Spanish language) technical assistance, including financial and digital literacy and credit repair, to help underrepresented or disadvantaged businesses prepare to access capital and expand their markets in Pierce County, Washington. As the city helps its local communities recover from the COVID-19 pandemic's ongoing devastation, this investment gives the small businesses a vehicle and pathway toward business recovery and resilience, which will help these businesses create and retain jobs, attract private investment, and advance economic resiliency throughout the region. The grantee estimates that this investment will help create 8 jobs and save 20 jobs.
  • $70,000 in two Local Technical Assistance projects, matched by $80,000 in local investments, as follows:
    • $45,000, matched by $30,000 in local investment, to the Greater Colorado Springs Chamber and Economic Development Corporation, Colorado Springs/El Paso County, Colorado, to support the Colorado Springs Chamber of Commerce and Economic Development Corporation with examining the opportunities and constraints associated with construction of a rail spur and the economic development of an industrial rail park near Fort Carson, Colorado. The project will address the local and regional need for a rail spur and industrial rail park in the community by preparing an integrated report analyzing the existing workforce and training programs, the local infrastructure capability, and the capacity for dual service and freight rail. The economic impact will demonstrate the relationship between nearby distressed economic areas and the opportunity to benefit from the development of new jobs based on public and private investment in rail infrastructure. Once completed, the project will help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
    • $25,000, matched by $50,000 in local investment, to the Town of Erie, Erie/Boulder County, Colorado, to support the Town of Erie with examining the growth and feasibility of a maker space in Erie, Colorado by conducting a study to create a site survey, market and risk assessment, operational model and recommendations, and regional impact and benefits of the potential facility. The development of a maker space will cultivate an entrepreneurial pipeline, creating primary, high-paying jobs within the town and region. Once completed, the study will help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
  • $840,000 in four Partnership Planning projects, matched by $770,000 in local investments, to support the development and implementation of the Comprehensive Economic Development Strategy (CEDS) process. The CEDS process is designed to bring together the public and private sectors in the creation of an economic development roadmap to diversify and strengthen the regional economy.